There’s no way I could have retired in reasonable comfort without regularly (for 35 years) investing small amounts of each paycheck into an S&P 500 index fund. But as you actually prepare to start your retirement, read a bit about balancing your portfolio. At that point wild swings in the market, when you’re no longer putting money in to buy stock when it’s dipped in price, are far scarier.
@bugger Actually, it would be the digital image of the sketch of the snake. If you want the actual sketch, you would have to buy that separately. If you want the actual snake …
@edsa@rockblossom You are buying a place on a digital ledger that says you “own” a digital picture.
Think of it as a DIY “Recorder of Deeds” (blockchain ledger for a specific cryptocurrency, not BTC, Ether, LTC, Doge, or Dash) to a digital image.
Whether you own the copyright to that image is separate and not what you can claim you “own” with proof from that DIY “Deeds” blockchain ledger just described.
Whether or not you own any rights at all to the image or the thing the image is of is also separate. All that is recorded is that you (whever owns/controls the wallet address for the NFT token) own that copy.
Whether or not you legally own that copy is not part of the blockchain/ledger or your claim of ownership.
It is a contract to own nothing. The utility is in its ability to launder money, just like real art collectors do. i.e.:
Step 1: Put random .jpg up for “sale” as an NFT for $100K USD in BTC (about 2 BTC currently). The seller address is anonymous.
Step 2. Buy your own NFT for $100K in BTC. The buyer address is anonymous. The BTC in that anonymous wallet address could be from an undocumented source, perhaps.
Step 3. Relist your newly purchased NFT for sale at a 80% discount ($20K). Sell to some other sucker (or group of fellow money launderers NFT enthusiasts that may be laundering money overpaying for questionable “art”, but that’s none of your concern or knowledge, given these addresses for the buyers and sellers are anonymous.
/image kermit that is none of my concern
Step 4. You now have $100K (proceeds from selling your NFT to yourself as a straw buyer) and $20K from selling it again, and an $80K capital loss to report on your taxes.
Just like the “real” art auctions do for rich tax dodgers art collectors.
Your mom.
There’s no way I could have retired in reasonable comfort without regularly (for 35 years) investing small amounts of each paycheck into an S&P 500 index fund. But as you actually prepare to start your retirement, read a bit about balancing your portfolio. At that point wild swings in the market, when you’re no longer putting money in to buy stock when it’s dipped in price, are far scarier.
NFT’s are without a doubt the stupidest thing I’ve ever seen in finance.
USD
Word of advise: If you have money in the stock market or cryptocurrencies, don’t check it every 15 minutes or you’re going to go insane.
I don’t know which is more nonsense, the cash in the buried jar or stiffed in the mattress.
@hchavers
You pervert!
NFat’s baby. I want to buy a sketch of a snake for $2,944,923,900!!
@bugger Actually, it would be the digital image of the sketch of the snake. If you want the actual sketch, you would have to buy that separately. If you want the actual snake …
@bugger I did not know NFat had a baby. Congrats. Any idea when his album drops?
Here for the tech bro fight
Can someone define NFT’s?
For the Not Financially T’savvy?
@edsa
https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq
If the whole concept still gives you a headache, you have lots of company.
@edsa @rockblossom You are buying a place on a digital ledger that says you “own” a digital picture.
Think of it as a DIY “Recorder of Deeds” (blockchain ledger for a specific cryptocurrency, not BTC, Ether, LTC, Doge, or Dash) to a digital image.
Whether you own the copyright to that image is separate and not what you can claim you “own” with proof from that DIY “Deeds” blockchain ledger just described.
Whether or not you own any rights at all to the image or the thing the image is of is also separate. All that is recorded is that you (whever owns/controls the wallet address for the NFT token) own that copy.
Whether or not you legally own that copy is not part of the blockchain/ledger or your claim of ownership.
It is a contract to own nothing. The utility is in its ability to launder money, just like real art collectors do. i.e.:
Step 1: Put random .jpg up for “sale” as an NFT for $100K USD in BTC (about 2 BTC currently). The seller address is anonymous.
Step 2. Buy your own NFT for $100K in BTC. The buyer address is anonymous. The BTC in that anonymous wallet address could be from an undocumented source, perhaps.
Step 3. Relist your newly purchased NFT for sale at a 80% discount ($20K). Sell to some other sucker (or group of fellow
money launderersNFT enthusiasts that may belaundering moneyoverpaying for questionable “art”, but that’s none of your concern or knowledge, given these addresses for the buyers and sellers are anonymous./image kermit that is none of my concern
Step 4. You now have $100K (proceeds from selling your NFT to yourself as a straw buyer) and $20K from selling it again, and an $80K capital loss to report on your taxes.
Just like the “real” art auctions do for rich
tax dodgersart collectors.@edsa @mike808 @rockblossom I mean there’s always using it to put a serial number on your pretend pants for literally no reason
https://arstechnica.com/gaming/2021/12/ubisofts-first-nft-plans-make-no-sense/
/image where lambo
